Accountancy is no more about just book-keeping: New Horizons for Commerce Graduates

According to the report, All India Survey on Higher Education 2012-13, 9,15,307 students completed their graduation in Commerce (B.Com) in 2013. The report of 2013-14 states that 8,09,878 completed the course in 2014. Traditionally, these roles involved maintaining books of accounts and preparing trial balances; however, these tasks are now completely automated.

Today, traditional accounting jobs do not require smart people as they require human intervention only for data entry. In a context where the supply of commerce graduates is close to a million and traditional jobs have shrunk, let us explore the new jobs emerging in finance, audit, and compliance.

New Roles in Finance and Accounting

• Budget analyst: Responsible for preparing and examining budget estimates and reporting variances to top management. They work with operating managers to develop budgets and monitor cash outflow reports.
• Treasury executive: Works to ensure money is borrowed or invested as per company policies. Responsibilities include updating cash positions, bank reconciliations, and tracking investments.
• MIS executive: MIS stands for Management Information System. Activities involve assisting senior management in business analysis, coordinating, and reviewing analytical reports on operations.
• Internal and statutory auditors: Thanks to automation, ‘audit’ has gained predominant focus. Auditors are responsible for the verification of bills, TDS calculations, service tax calculations, and salaries.
• Compliance: This is the area where the biggest number of jobs is being created. Companies need personnel to reconcile and create monthly reports on statutory liabilities like TDS, provident fund, and sales tax.

Banking and Financial Services Industry (BFSI)

BFSI is the second largest employer in the country with a significant graduate requirement. According to NSDC reports, the banking and NBFC sectors will hire 67 per cent more manpower between 2013 and 2022.

Key Job Roles in BFSI:

• Recovery officer: Responsible for performing recovery activities according to bank policies. They assess reasons for default, secure payments, and work with debt collection agencies.
• Branch customer relationship executive: Their main responsibility is to build strong relations with customers, guide them to appropriate officers, and identify cross-selling opportunities.